Section 46A-7A-136 - Objection to reapportionment by bondholders or lending agency--Appointment andcompensation of state adjustment board.
46A-7A-136. Objection to reapportionment by bondholders or lending agency--Appointment and compensation of state adjustment board. After any reapportionment of benefits is made by the district and if outstanding bonds are secured by the assessment, if the holders of ten percent of the outstanding bonds believe that such reapportionment has materially weakened the security of their bonds, or if the assessment is the security for a loan by a federal or state agency and the agency believes such reapportionment has jeopardized repayment of the loan, such bondholders or agency may object to the reapportionment and petition the state board. The board shall appoint three qualified, disinterested persons to constitute a board known as the "State Adjustment Board." Each member of the board shall be paid for services rendered by him such sum as the state board fixes. Compensation and expenses of the State Adjustment Board are a part of the cost of the project.
Source: SL 1985, ch 360, § 136.